Donald Trump has won the presidency and the Republican Party retained control of both the House of Representatives and the Senate. This means that the tax plan Donald Trump has proposed, which is mostly in line with the ideas of the rest of his party, could actually happen, resulting in the biggest overhaul to U.S. tax code since 1986. Here's what it could mean to your personal income taxes if Trump's planned changes go into effect.

Consolidated Tax Brackets

Trump has proposed consolidating the seven current tax brackets into just three. Here's what the current tax brackets look like:

Marginal Tax Rate

10%

Taxable Income (Single) = $0 - $9,275

Taxable Income (Married) = $0 - $18,550

15%

Taxable Income (Single) = $9,276 - $37,650

Taxable Income (Married) = $18,551 - $75,300

25%

Taxable Income (Single) = $37,651 - $91,150

Taxable Income (Married) = $75,301 - $151,900

28%

Taxable Income (Single) = $91,151 - $190,150

Taxable Income (Married) = $151,901 - $231,450

33%

Taxable Income (Single) = $190,151 - $413,350

Taxable Income (Married) = $231,451 - $413,350

35%

Taxable Income (Single) = $413,351 - $415,050

Taxable Income (Married) = $413,351 - $466,950

39.6%

Taxable Income (Single) = $415,051 and above

Taxable Income (Married) = $466,951 and above

Trump’s planned tax brackets would change this to:

Marginal Tax Rate

12%

Taxable Income (Single) = $0 - $37,500

Taxable Income (Married) = $0 - $75,000

25%

Taxable Income (Single) = $37,500 - $112,500

Taxable Income (Married) = $75,000 - $225,000

33%

Taxable Income (Single) = $112,500 and above

Taxable Income (Married) = $225,000 and above

The 20% maximum tax on long term capital gains would remain unchanged, although Trump plans to eliminate the provisions of Obamacare that created the additional 3.8% tax on certain investment and other passive income.

The Trump Plan will lower the top corporate tax rate from 35 percent to 15 percent, rewarding small and large businesses that retain profits within the business.

The Alternative Minimum Tax would be repealed for individuals and businesses.

Increased Standard Deduction

Trump has proposed eliminating the personal exemption and increasing the standard deduction amount from $6,300 to $15,000 for single taxpayers and from $12,600 to $30,000 for married joint filers. Most Americans will benefit from this, especially those that do not itemize deductions, but larger families could actually see their taxes go up.

Eliminate the Estate Tax

Under current law, estates valued at more than $5.45 million are subject to a 40% tax rate on the excess. Trump’s proposal to eliminate this tax could save wealthier families quite a bit of money.

What it means for America

The argument that Trump's tax plan favors the rich is mostly true. Per the Tax Policy Center, about 47% of the benefits will go to the richest 1%. However, the average American family will feel the impact of Trump's plan as well. When the tax cuts are considered together with the lower tax rates, it's safe to say that the average American will see his or her taxes go down during the next four years. How that budget deficit will be reconciled remains unclear.